Credit Cards Center Credit cards from our partners
Reply
Frequent Contributor
Posts: 380
Registered: ‎01-08-2010
0

FICO score went up after paying off auto loan

Okay.  So I recently paid off my auto loan.  My score from EQ went from 735 to 760.  That's a 25 point increase.  I was expecting a decrease because the number of account I have opened decreased.  My highest score so far.

Regular Contributor
Posts: 183
Registered: ‎07-21-2007
0

Re: FICO score went up after paying off auto loan

Less debt perhaps?  fewer acounts with balances?  enjoy it that isa good score.

Moderator Emerita
Posts: 28,098
Registered: ‎04-01-2007
0

Re: FICO score went up after paying off auto loan

What changed on the list of negatives on screen two of your FICO reports? (The positives are entertaining, but it's the negatives that drive the scores.)

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Frequent Contributor
Posts: 380
Registered: ‎01-08-2010
0

Re: FICO score went up after paying off auto loan

It's the age of the account that is negative.  That's the only thing listed on the negative column.  It just says I have a short history.  Average age of account is about 2 and a half year.

Moderator Emerita
Posts: 28,098
Registered: ‎04-01-2007
0

Re: FICO score went up after paying off auto loan

 


joestay wrote:

It's the age of the account that is negative.  That's the only thing listed on the negative column.  It just says I have a short history.  Average age of account is about 2 and a half year.


But was the same thing listed on the earlier score, from when you still had an open loan? It's the change (if any) that's informative. Your earlier report will probably have two negatives listed.

 

 

btw, now that you've hit 760, it only displays one negative factor. It doesn't mean that you don't have a few more; it's just a quirk of myFICO, which displays fewer negatives the higher your score goes. It's mainly because at that point, any additional negatives don't carry much weight, but I think it's because their poor CSR's got tired of phone calls from irate 800+ customers who had negative factors displayed. Smiley Wink

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.